Cook County Land Bank’s Annual Home Giveaway

Cook County Land Bank’s Annual Home Giveaway 2019-10-07T11:47:34+00:00

 

ANNOUNCING THE 2019 HOME GIVEAWAY! (REGISTRATION CLOSED 9/15/19)


The Cook County Land Bank Authority is excited to announce the 2019 Home Giveaway, sponsored by Fifth Third Bank! Every year, as a way to promote homeownership throughout Cook County, the Land Bank gives away a fully rehabbed home for free.

This year’s home, at a South Side location to be revealed later this fall, will be rehabbed by the popular twin Downing Brothers of the HGTV pilot show “Double Down.” One lucky winner will receive the keys to a beautifully rehabbed single family home in the fall of 2019, no strings attached.

Enter by September 15, 2019. The winner will be announced by October 18th. Click here for the official press release & more info.

 

OWNERSHIP REQUIREMENTS


  • Recipient is:
    • Twenty-one (21) years of age or older; and
    • Not a Cook County employee.
  • Recipient does not own any property in Cook County that has a delinquent or past due property tax balance
  • Recipient must be able to take possession with ninety (90) days of executing the Term Sheet with the Cook County Land Bank
  • Recipient shall maintain the Property in compliance with all federal, state, and local building, housing and property maintenance codes applicable to the property.
  • Recipient shall occupy the Property as Recipient’s primary residence, unless otherwise agreed to by the Parties in writing, for the sixty (60) month term of the Agreement;
  • Recipient shall not lease or rent the Property to any third-party occupant;
  • Recipient shall not cause the Property to be encumbered with any lien or mortgage;
  • Recipient shall deposit a predetermined amount per month into an a modified standard joint order escrow agreement with a Title Company of CCLBA’s choice, to be used for property improvements or future taxes, as approved by both Parties (“Monthly Escrow Payment”).
  • Upon reasonable notice by CCLBA, Recipient agrees to participate in press interviews related to the Home Buyer Giveaway program and the Property throughout the Term of the Agreement
  • Recipient shall not disclose any information regarding Recipients’ award of the Property, or the terms and conditions herein, without prior approval by Cook County Land Bank Authority in writing.
  • Recipient provides an active, current phone number and/or email address and returns CCLBA calls and emails within 24 hours.
  • Prior to closing, Recipient shall complete a minimum of eight (8) hours of homebuyer education and counseling, and received a certificate of completion, from one a HUD-approved counseling provider.
  • CCLBA’s agreement to convey the Property to Recipient is contingent on CCLBA’s completion of an initial vetting period and confirmation that Recipient has:
    • Immediately available funds and a source of income that is sufficient to cover the Monthly Escrow Payment;
    • Entered into a binding Purchase Sale Agreement with CCLBA for the conveyance of the Property within 30 days of begin presented with this Term Sheet;
    • Completed a minimum of eight (8) hours of homebuyer education and counseling, and received a certificate of completion, from one a HUD-approved counseling provider.

QUESTIONS & ANSWERS


Q: ⇒ How do I enter the Land Bank’s 2019 Home Giveaway?

  • You may enter by clicking on the register button below. Please fill out your first and last name, phone number, email, and current residence. Please note: you will be required to confirm your email address to be officially entered for the giveaway.

Q: ⇒ Can I enter multiple times?

  • We will accept one entry per person. Duplicate entries will not be considered, and can lead to disqualification.

Q: ⇒ How old must I be to enter?

  • You must be at least 21 years old to participate in the drawing.

Q: ⇒ Do I need to live in Cook County to be eligible to submit an entry?

  • No, you do not need to live in Cook County County to be eligible to register.

Q: ⇒ If I’m an employee for the County of Cook or the City of Chicago, can I register for the 2019 Home Giveaway?

  • No, an employee of Cook County and/or the City of Chicago is not eligible to participate in the 2019 Home Giveaway.

Q: ⇒ When will the recipient of the 2019 Home Giveaway be announced?

  • Registration for the Home Giveaway will close on September 15, 2019, and the winner will be announced sometime this fall.  The house is located in the Washington Heights neighborhood of the City of Chicago, however the exact address will not be revealed until the official announcement.

Q: ⇒ Am I required to live in the property?

  • Yes, the recipient of the Land Bank’s Homeowner Giveaway shall occupy the property as their primary residence for at least sixty (60) months from the date
    that the deed is conveyed.  This property shall not be used to rent or to be used as an AirBnB-type dwelling.

Q: ⇒ Will the Land Bank cut the grass and shovel the drive/sidewalks in the wintertime?

  • As the owner of the property, the recipient shall maintain the property in compliance with all federal, state, and local building, housing, and property
    maintenance codes. The owner shall maintain the property for at least sixty (60) months from the date of the deed.

Q: ⇒ May I pull cash out of the property through a mortgage refinance?

  • No, the recipient shall not cause the property to be encumbered with any liens or mortgages.

REGISTRATION CLOSED 9/15

 

 

CONGRATS TO THE  2018 HOME GIVEAWAY WINNER!


Congratulations to Ms. Jenaia Hart, the winner of the 2018 Homeowner Giveaway! Ms. Hart won her brand-new, move-in ready home in Maywood just two weeks before she is expected to welcome her first child.  Congrats to Ms. Hart, and thank you to all who applied!

 

 

 

CONGRATS TO THE 2017 HOME GIVEAWAY WINNER!


Congratulations to Elaine Lee, the 2017 winner of the Home Giveaway! Please click here to view pictures/videos of the events as well as the press release. The Home Giveaway was the kick-off for the Homebuyer Direct Program, and the specifics of the program can be found by clicking on the link here.

 

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